SL Green Realty Corp., a New York-based real estate investment trust, is acquiring two New York City office buildings in Midtown Manhattan for $480 million from TIAA-CREF.One building, 750 Third Avenue, is being acquired for $255 million, the REIT said, and being funded through SL Green's unsecured line of credit. The REIT said it expects to pay down most of the LOC drawings with proceeds from future property sales. The other property, 485 Lexington, is being acquired for $225 million in a joint venture with The City Investment Fund, with the REIT owning approximately 37.5% of the equity interest. The joint venture has arranged for a loan facility to fund 75% of the acquisition and "anticipated retenanting costs" of the property, according to SL Green. "We believe this is the right time in New York City's economic cycle to acquire 485 Lexington and 750 Third Avenue, which will represent the largest blocks of contiguous vacant space in a prime Midtown location," said Marc Holliday, president and chief executive officer of SL Green.

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